US launches new Stop Tax Haven Abuse Act
04 Mar 2009, Gavin Hinks, AccountancyAge
http://www.accountancyage.com/aa/news/1768692/us-launches-stop-tax-haven-abuse-act
Anti-tax haven senator Carl Levin has launched a new and strengthened Stop Tax Haven Abuse Act and speculation has already begun that, with Obama as president, this time the proposals will find their way into law.
Levin is reported as saying that tax havens are engaged in 'economic warfare' against the US and they undermine the integrity of the US tax system, according to tax-news.com.
Levin's previous effort in this area, launched in 2007, failed under a Republican president. Obama was on record supporting the previous act.
Measures in the new act would include giving the Treasury the power to take 'special measures' against overseas jurisdictions and stiffen the penalties for 'tax haven promoters'.
Further reading:
France and Germany reignite tax haven debate
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Visitor comments
Tax heaven - Fraud on Honest citizens forking out PAYE contributions
in my view tax heaven is fraud on local honest tax paying citizens and perpectuate corporate mafia .
it also provide outlet for politicians and others involved in illegal activities to use for laundering their illgoten wealth.
it also abates terrorism worldwide with this money movements .
Posted by: VINAYAK GORHE , 06 Apr 2009 | 00:00
Malta employs US lobbyist to avoid Senate blacklist
The Malta Financial Services Authority (MFSA) has employed a top US law firm to ?polish Malta?s image? with the US government because the island risks blacklisting in an upcoming law in the US Senate on tax haven abuse.
Lawyers and lobbyists Sonnenschein Nath & Rosenthal were commissioned to press Malta?s case for exclusion from a list of 34 tax jurisdictions. In 2009, the US firm was paid ?69,875 in consultancy fees.
The MFSA fears that, if it loses its case, a double-taxation agreement that Malta signed with the US government last year could be jeopardised.
Posted by: Joe Borg , 09 Dec 2009 | 00:00